Aberdeen-based subsea specialist flexlife said yesterday that two private-equity investors had injected £5.5million into the business to help its continued growth.
Maven Capital Partners and Simmons Parallel Energy (SPE) now have a minority stake in the young firm.
The deal is expected to help complete commercialisation of new products and underpin future research and development work.
Flexlife said it would also accelerate its ambitious internationalisation plans.
Chief executive Stuart Mitchell started the award-winning business in 2007 with partners John Marsden and Carl-Petter Halvorsen in small premises at Aberdeen Science and Technology Park.
The initial workforce of just the three directors has now jumped to 40 people, while turnover in the past financial year soared to £5million. Flexlife is aiming for turnover of £7.5million this year, rising to £21million by 2012-13.
The company’s headquarters are at the Spires business centre, at Bucksburn, in Aberdeen, and it also has a research and development centre at Aberdeen Science and Energy Park, at Bridge of Don.
Flexlife, which opened its first international bases recently in Brazil and Asia-Pacific, expects to take on an additional 20 staff over the next 18 months
Mr Mitchell said: “Flexlife set out to offer outstanding levels of service coupled with a commitment to research and development which has seen us offer a truly innovative range of products that help improve asset integrity offshore.
“We are delighted to announce this investment which will have a major impact on flexlife and help us achieve our growth aspirations.
“We have a reputation for our scanning technology for flexible pipes and risers that has helped our clients by giving 100% accurate results.
“We are now looking forward to building on that reputation with our new products that will safeguard asset integrity.”
Yesterday’s deal was led by specialist corporate finance adviser Simmons and Company International, the parent of SPE.
Nick Dalgarno, a managing director with Simmons in Aberdeen, said: “Flexlife has already proven to be an exceptional start-up company with game-changing technology that has captured the attention of the oil and gas industry. We believe there is enormous scope both for the existing scanning technology and the new products coming to market and we are delighted to have helped flexlife to secure this investment which will enable the company to reach its full potential.”
Jock Gardiner, Aberdeen-based partner at Maven, said: “Our investment will help to accelerate flexlife’s growth plans and we are looking forward to working with Stuart and the management team. As well as the capital investment, we would expect flexlife to benefit from the management support and international networks of both Maven and SPE.”